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Nortel Networks Corp. filed for Chapter 11 bankruptcy protection on Wednesday. The troubled telecom equipment maker was informed last month that it was in danger of being delisted on the New York Stock Exchange. Many Nortel partners worried as the company faced a string of reverses but they also defended the quality of the company's telecom and networking offerings.

Yahoo brings on Bartz as CEO, Decker leaves

Carol Bartz is now CEO of Yahoo. Bartz replaces Jerry Yang in that role in what may be the most-watched transition in tech. Yahoo president Susan Decker is stepping down. Yang, a Yahoo co-founder, stepped in as CEO 18 months ago and presided as Microsoft tried to buy Yahoo with its Web and search expertise for $45 billion. Microsoft subsequently pulled its offer and many Yahoo shareholders and outsiders have criticized Yang. Yahoo's shares have plummeted since.

Microsoft patches critical flaw

Microsoft issued a single security update Tuesday, patching critical flaws in the Server Message Block (SMB) that could be exploited to access sensitive data or create a new account with full user rights. The update addressed two critical remote code execution vulnerabilities and a denial-of-service flaw in the way the server handles SMB packets, according to SearchSecurity.com. An attacker could pass a message with malicious code to a computer running the server service. Microsoft said an attacker would not require authentication to exploit the flaw.

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